Despite its fall to a $40 low, Litecoin declined further to a $38 low. Luckily, the bulls pulled back above $39.
In quick response, LTC rebounded to a high of $44. Buyers could not sustain the uptrend, as the market settled above $42. Buyers have an advantage as it trades near $44 and $47 resistance levels.
A repeat of April 6 rebound may occur if the price continues to fluctuate between $40 and $42. The current price level of $42 is a historical price level of January where price consolidated and later rebounded. The uptrend reached a high of $60. Similarly, a rebound at $42 will breach the resistance levels of $44 and $47. The current momentum will extend to $60 high.
Presently, selling pressure has been exhausted as there is a bullish signal. Earlier on the market has been on a downward move because LTC was overbought at $47. At this point in time, LTC is above 20% range of the daily stochastic. The crypto is back to bullish momentum.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Although the bears have the upper hand, the bulls can defend the current support until a rebound occurs. Litecoin will pick up momentum above the current resistance at $47. This is given the fact that buyers sustain hold above $40.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.